President Moon Jae-in and Thai Prime Minister Prayut Chan-o-cha discussed ways to strengthen ties between their countries on the sidelines of a special summit between South Korea and the Association of Southeast Asian Nations(ASEAN) in Busan on Monday.

According to Cheong Wa Dae, the two leaders reaffirmed their will to cooperate for co-prosperity and exchanged views on how to strengthen collaboration in diverse fields including investment, infrastructure, water management, science and technology. 

They also agreed that they have huge potential for economic cooperation

According to Cheong Wa Dae, Chan-o-cha said the signing of the memorandum of understanding(MOU) for investment and cooperation in Thailand's southeastern areas will help South Korean firms make forays into the Thai automobile and electronics industries.

He expected the MOU to boost bilateral cooperation in the Fourth Industrial Revolution and sectors such as next-generation cars and smart devices.

Moon praised Thailand's leadership as the chair of the 2019 ASEAN and hoped the summit would add to the blueprint drawn up by the two countries for joint prosperity.

While agreeing that the exchange of personnel between the two countries, totaling over two-million each year, is the foundation for their friendship, the two leaders expected more effective cooperation in rooting out illegal migrant workers through the MOU.